Premier League news as an announcement has been made following a shareholders’ meeting with financial reform to come
The Premier League has announced a new financial model that will affect both Liverpool and Everton moving forward. A statement released on Monday, March 11, states: “At a Premier League Shareholders’ meeting today clubs agreed to prioritise the swift development and implementation of a new league-wide financial system.”
It comes with pressure being mounted on the 20 clubs to adhere to stricter to financial rules following the expectation of an independent regulator being introduced in the near future.
The statement continues: “This new system aims to provide certainty for clubs about their future financial plans and ensure the Premier League can continue its world-leading investment in all levels of the game.
“The Premier League clubs also confirmed their commitment to securing a sustainably funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs.
“The League and clubs also reaffirmed their ongoing and longstanding commitment to the wider game which includes £1.6billion distributed to all levels of football across the current three-year cycle.
“The Premier League’s significant funding contributions cover all EFL clubs and National League clubs, as well as women and girls’ football, and the grassroots of the game.
“This comes at a time when there is increased pressure for reform due to financial disparity across the pyramid and government plans to appoint an independent regulator.”
There are currently three clubs facing charges from the league for breaking financial rules. Last year, Everton became the first team to be penalised for this kind of mistake when they lost 10 points for exceeding the permitted losses under profitability and sustainability rules (PSRs), reports Football London.
The Toffees are now facing a second set of charges for breaking these rules again in the period ending 2022/23. However, their penalty was reduced to just six points after an appeal.
Nottingham Forest will learn about their punishment later this week. Manchester City have been charged with 115 counts of other financial wrongdoings and are still waiting for their trial.
